News
What’s New: In Brief (January 17, 2007)
January 17, 2007 by Canadian UnderwriterGore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the…
Fraud ring involving forged ICBC documents uncovered
January 17, 2007 by Canadian UnderwriterThe Vancouver Police Department (VPD) uncovered a massive fraud ring that involved forged ICBC documents, fake driver’s licenses and counterfeit credit cards.Financial crime investigators discovered a counterfeit credit card factory when they executed a search warrant in an upscale Coquitlam…
2006 catastrophes cost U.S. insurers US$8.8 billion
January 16, 2007 by Canadian UnderwriterU.S. catastrophes and insured losses cost the U.S. property and casualty industry an estimated US$8.8 billion in 2006, according to ISO’s property claims services unit.That’s a far cry from the estimated damage losses of US$61.9 billion the unit recorded after…
What’s New: In Brief (January 16, 2007)
January 16, 2007 by Canadian UnderwriterFollowing on the launch of a new Insurance Bureau of Canada (IBC) campaign about driver distractions, IBC president Stanley Griffin will be speaking to the Canadian Club at the Fairmont Royal York Hotel in Toronto on Jan. 19.Griffin will present…
ING announces major shifts within executive staff
January 16, 2007 by Canadian UnderwriterING Canada has announced a major shuffle of its senior executive staff, with Charles Brindamour assuming the newly created role of COO, Derek Iles accepting the title of president of ING Insurance, and the retirement of two executive staff members…
Swiss Re obtains US$705 million of extreme mortality risk protection
January 16, 2007 by Canadian UnderwriterSwiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional…
Preparing for a pandemic
January 15, 2007 by Canadian UnderwriterAfter a noticeable absence from its usual media spotlight, bird flu or the H5N1 virus has been rearing its ugly head with reports of outbreaks across Asia in recent weeks.And according to Aon’s second white paper on the subject, entitled…
Reinsurance industry regains “calm” in 2007, Benfield says
January 15, 2007 by Canadian UnderwriterThe reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.”…
Cost of D&O insurance continues to creep upwards
January 15, 2007 by Canadian UnderwriterThe cost of D&O insurance in Canada continues to rise and company leaders are becoming more informed about their exposure to risk and potential liabilities, says a survey by Spencer Stuart.The Spencer Stuart Governance Lexicon 2007 contains entries on 19…
What’s New: In Brief (January 15, 2007)
January 15, 2007 by Canadian UnderwriterDee Caffari, the first woman to circumnavigate the world against the prevailing winds and currents, solo, non-stop, will be a keynote speaker at the Toronto International Boat Show. Presented by Robertson & Robertson Yacht Insurance Skippers’ Plan and Aviva Canada,…
Hedge fund managers to be registered
January 12, 2007 by Canadian UnderwriterCanadian Securities Administrators (CSA) will be requiring the registration of hedge fund managers and will also be looking to improve referral arrangements to hedge funds and the distribution and sale of Principle Protected Notes (PPNs).Its proposals are a result of…
State Farm to pay US$2.5 million in punitive damages
January 12, 2007 by Canadian UnderwriterState Farm Insurance reacted with “surprise and concern” when a U.S. court ruled against the firm in a suit launched by a family who lost their home in Hurricane Katrina.U.S. District Court Justice L.T. Senter ruled that in the case…